Bank of the Philippine Islands (BPI) said it disbursed ₱54 billion last year to finance some of the country’s largest utility-scale renewable energy projects.
This lifts cumulative releases under BPI’s Sustainable Development Finance (SDF) program to ₱376 billion across 532 projects.
The Ayala-led lender said the portfolio, which it described as the largest sustainable finance program among Philippine banks, is expected to reduce greenhouse gas emissions by about 41 million metric tons annually.
The financing covers solar, wind, hydropower and battery energy storage system (BESS) projects, including three developments designated by the government as Energy Projects of National Significance (EPNS).
“These transactions underscore BPI’s commitment to enabling large-scale infrastructure that advances energy security and sustainability,” BPI Institutional Banking Head Louie Cruz said in a statement.
“We are proud to work alongside industry leaders to deliver projects that will help power the country’s transition to a cleaner, more resilient energy future,” he added.
Among its largest transactions, BPI participated in a ₱214.87-billion syndicated loan for Prime Infrastructure Inc.’s 2-gigawatt pumped-storage hydropower projects in Laguna and Rizal. The bank also helped finance the ₱150-billion MTerra Solar development in Nueva Ecija and Bulacan, which will combine a 3,500-megawatt-peak (MWp) solar facility with a 4,500-megawatt-hour (MWh) battery energy storage system.
BPI also financed several other renewable energy projects, including Citicore Renewable Energy Corp.’s 113 MWp solar project in Pangasinan, a 377 MWp solar development in Batangas, Levanta Renewables’ 166 MWp solar-plus-storage project in Iloilo, ACEN Corp.’s Quezon North Wind 1 Project, Alternergy Group’s 128 MW wind farm in Tanay, Rizal, and Aboitiz Renewables Inc.’s 58.5 MW wind project in Camarines Sur.
The bank also backed renewable energy developments of Advent Upgrade Solar Inc., SN Aboitiz Power Group, and AP Renewables Inc.
Except for the MTerra Solar project, all of BPI’s recently financed renewable energy developments received capacity awards under the Department of Energy’s Green Energy Auction Program.
